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kindly provide the correct answers AGI and total itemized deductions. notes please. thanks. Charitable contributions Interest income Investment interest expense Mortgage interest Net long-term capital
kindly provide the correct answers AGI and total itemized deductions. notes please. thanks.
Charitable contributions Interest income Investment interest expense Mortgage interest Net long-term capital gain Net short-term capital loss Passive activity loss Property taxes on residence Salary Tax preparation fees Unreimbursed employee expenses ] In 2019, Jen, a single individual, reported the following items of income and deduction: : (Click the icon to view the items.) (Click the icon to view the standard deduction amounts.) Requirement Jen owns 100% and is an active participant in the rental real estate activity. What is her taxable income for 2019? Begin by determining whether Jen is entitled to a deduction for rental real estate activities. (Enter "0" if Jen is not eli Data Table - The deduction for rental real estate losses is $ 165,000 15,000 Now determine the taxable income for 2019. Begin by calculating the adjusted gross income (AGI). Salary 165000 Interest income 15000 Net long-term capital gain 11000 25,000 Adjusted gross income (AGI) Salary Interest income Long-term capital gain from sales of stock Short-term capital losses from sales of stock Loss from a passive rental real estate activity Interest expense on loan to purchase stock Qualified residence interest on residence Charitable contributions Property taxes on residence Tax return preparation fees Unreimbursed employee iness expenses (14,000) (15,000) (21,000) (8,000) (7,500) Now calculate the itemized deductions. Property taxes on residence Charitable contributions Mortgage interest -1500 -7500 -8000 (1,500) (2,500) (1,400) Total itemized deductions Print Done Compute her taxable income for 2019. Reference $ 24,400 18,350 12,200 $ STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. $ 12,200 $1,300* $1,650* *Step by Step Solution
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